If you have a business, one of the ways to protect your interests is by getting commercial insurance. One necessary type of business insurance you'll need is workers' compensation insurance. Many states require business owners to carry it whether they have hired full or part-time employees. If you're wondering why this type of insurance is essential, here at 1 Truck Insurance Services LLC, we explain why your business needs it.
While you try your best to provide a safe working environment for your workers, accidents can happen, leaving your workers injured or ill. Because this is your business, you'll be held liable for such accidents. Worker's compensation takes that liability from you by covering medical expenses, including ongoing medical care.
Employees who suffer work-related injuries and illnesses may choose to sue you for negligence. Workers' compensation can mitigate the risk of a lawsuit or cover legal fees such as attorney fees and settlement.
This policy also helps replace your workers' lost income if they must take time off due to a work-related injury or illness. For instance, if you own a roofing company and one of your roofers falls and can't work for three weeks, this policy will help replace some of their lost wages.
As we have mentioned, workers' compensation insurance is required. Without it, you risk fines and penalties. In extreme cases, you may be forced to shut down your business, losing your source of income. Having the policy ensures you follow state regulations.
The right insurance company ensures you enjoy all these benefits of Worker's Compensation Insurance. If you have a business, and are yet to get this policy, talk to 1 Truck Insurance Services LLC. We will help you protect your employees and business.
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